NBA 2024 Offseason Check-In: Brooklyn Nets

Hoops Rumors is checking in on the 2024 offseason for all 30 NBA teams, recapping the summer’s free agent signings, trades, draft picks, departures, and more. We’ll take a look at each team’s offseason moves and consider what might still be coming before the regular season begins. Today, we’re focusing on the Brooklyn Nets.

Free agent signings

• Nic Claxton: Four years, $97,000,000. Includes $3,000,000 in incentives. Re-signed using Bird rights.
• Shake Milton: Three years, $9,162,405. Second and third years non-guaranteed. Signed using Non-Bird rights and acquired via sign-and-trade from Knicks.
• Keon Johnson: Two years, minimum salary ($4,512,814). First year partially guaranteed ($250,000). Second-year team option. Re-signed using minimum salary exception. Waived right to veto trade.
• Trendon Watford: One year, $2,726,603. Accepted qualifying offer.

Trades

• Reacquired their own 2026 first-round pick and control of their own 2025 first-round pick (negating the Rockets’ right to swap either their own 2025 first-rounder or the Thunder’s 2025 first-rounder for Brooklyn’s pick) from the Rockets in exchange for the Suns’ 2027 first-round pick, either the Mavericks’ or the Suns’ 2029 first-round pick (whichever is more favorable), swap rights for the Suns’ 2025 first-round pick, and swap rights for either the Mavericks’ or Suns’ 2029 first-round pick (whichever is least favorable).
• Acquired Bojan Bogdanovic, Shake Milton (sign-and-trade), Mamadi Diakite, the Knicks’ 2025 first-round pick, the Bucks’ 2025 first-round pick (top-four protected), the Knicks’ 2027 first-round pick, the Knicks’ 2029 first-round pick, the Knicks’ 2031 first-round pick, swap rights for the Knicks’ 2028 first-round pick, and the Nets’ own 2025 second-round pick from the Knicks in exchange for Mikal Bridges, Keita Bates-Diop, the draft rights to Juan Pablo Vaulet, and either the Pistons’, Bucks’, or Magic’s 2026 second-round pick (whichever is least favorable).
• Acquired Ziaire Williams and the Mavericks’ 2030 second-round pick from the Grizzlies in exchange for Mamadi Diakite and the draft rights to Nemanja Dangubic.

Draft picks

• None

Two-way signings

• None

Departed/unsigned free agents

• Jacob Gilyard (unsigned)
• Dennis Smith Jr. (unsigned)
• Lonnie Walker (unsigned)

Salary cap situation

• Operating over the cap ($140.6MM) and below the luxury tax line ($170.8MM).
• Carrying approximately $167.6MM in salary.
• Hard-capped at $178,132,000.
• Full mid-level, bi-annual exceptions available.
• Five traded player exceptions available (largest worth $23,300,000).

The offseason so far

The Nets attempted to remain competitive after trading away James Harden, Kevin Durant, and Kyrie Irving in 2022 and 2023, but after closing the 2022/23 season on a 13-17 run, then posting a 32-50 record in ’23/24, the club had no way to meaningfully improve this summer, with no picks in this year’s draft and no cap room available. Rather than risk getting stuck in the middle for the next several years, management decided to take a step back and go into full rebuilding mode.

That meant trading three-and-D standout Mikal Bridges, Brooklyn’s most valuable player. Perhaps even more importantly, it meant reacquiring control of the Nets’ own 2025 and 2026 draft picks — the club had previously traded swap rights in 2025 and its unprotected 2026 pick to Houston, but paid a steep price (two future Suns first-rounders and two swaps) to get them back.

Without control of those picks, bottoming out in the next year or two wouldn’t have benefited the Nets at all, but now the club is in position to secure a high lottery pick in a loaded 2025 draft.

Brooklyn did make one major investment this offseason, re-signing starting center Nic Claxton to a four-year, $97MM contract. Despite not being in win-now mode, retaining Claxton made sense for the Nets, who didn’t want to lose a promising young player for nothing and could probably trade the big man down the road for positive value. Claxton’s still just 25 years old though, so he could very well be part of the next contending team in Brooklyn.

Outside of locking up Claxton, the Nets’ offseason moves have either been minor transactions or have been focused on the future. In exchange for Bridges, Brooklyn received five first-round picks (four unprotected) and a pick swap from their cross-town rivals in New York, further replenishing a stash of draft assets that was depleted a few years ago when the Nets first traded for Harden. The Nets have loaded up since then by flipping Harden and moving Durant, Irving, and now Bridges.

While regaining control of their 2025 and 2026 first-round picks from Houston was more important, it’s worth noting that the Nets also reacquired their 2025 second-rounder from the Knicks in the Bridges deal. If Brooklyn is among the NBA’s worst teams in 2024/25, that could be a top-35 selection.

Up next

The Nets have reportedly reached Exhibit 10 agreements with a handful of free agents, most notably former lottery pick Killian Hayes. Villanova’s Mark Armstrong and Division II guard KJ Jones also reportedly agreed to sign with Brooklyn.

Even after those deals are officially finalized, the team will have a pair of openings on its 21-man offseason roster, but the squad already features 15 players on standard contracts, including 13 on guaranteed salaries. While Jalen Wilson and Keon Johnson don’t have full guarantees, they appear more likely than not to make the regular season roster, which may be essentially set.

That projected 15-man roster could still undergo some changes if the Nets make another trade or two before the regular season begins. There has been no indication that anything is close, but talks could pick up again as training camps near, and Brooklyn has no shortage of veteran trade candidates — Ben Simmons, Dennis Schröder, and Bojan Bogdanovic are all on expiring contracts and may not have long-term futures with the franchise, though wings Dorian Finney-Smith and Cameron Johnson would have more value on the trade market.

The Nets also have a pair of players eligible for rookie scale extensions, with former first-rounders Cam Thomas and Day’Ron Sharpe entering the final year of their rookie deals. I expect the front office to explore deals with both players. However, Brooklyn will be wary of overpaying either player ahead of restricted free agency, since Thomas has been a somewhat one-dimensional scorer (albeit a talented one) and Sharpe is a reserve who has never averaged more than 15.1 minutes per game in a season.